The ITAT upheld the assessee's claim for expenses paid to ...

ITAT Upholds Assessee's Contractor Expense Claims; Sales-Tax Subsidy as Capital Receipt; 14A Provisions for AO Review.

June 8, 2024

Case Laws Income Tax AT

The ITAT upheld the assessee's claim for expenses paid to contractors for loading and unloading, as supported by banking transactions and TDS deductions. Contractors confirmed providing labor, and cash withdrawals were for labor payment. The AO's claim of ex-employees as contractors was justified for reliable labor supply. The allegation of unexplained investment in land purchase was dismissed as the deal did not materialize. Sales-tax subsidy was deemed a capital receipt, requiring quantification by the AO. The matter of 14A provisions was remanded to the AO for further examination.

View Source

← Previous Next →

The ITAT upheld the assessee's claim for expenses paid to ...

ITAT Upholds Assessee's Contractor Expense Claims; Sales-Tax Subsidy as Capital Receipt; 14A Provisions for AO Review.

June 8, 2024

Case Laws Income Tax AT

You may also like:

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision,...

Sales Tax Subsidy Classification and Tax Implications The ITAT upheld the capital nature of a sales tax subsidy received from state governments. The tribunal directed...

ITAT ruled in favor of the assessee across multiple taxation issues. The tribunal found no merit in the revenue department's contentions regarding management consultancy...

ITAT ruled AMP expenses did not constitute international transaction under Section 92B, as Revenue failed to establish existence of arrangement between assessee and AE...

ITAT allowed assessee's claim for deduction of marketing expenses paid to NHPL, treating them as revenue expenditure. The expenses related to sales personnel salaries,...

The ITAT upheld that the subsidy received by the assessee under the new package scheme incentive of 1993 was capital in nature, computed on the basis of fixed capital...

Revenue or capital receipt - sales tax subsidy/incentive under the Package Scheme of Incentives Scheme, 1993 - The High Court held that the sales tax subsidy/incentive...

The Income Tax Appellate Tribunal (ITAT) adjudicated on various transfer pricing issues concerning an assessee. Regarding segmentation of business activities, the ITAT...

ITAT Decision: Taxation of Shipping Company's Income The ITAT allowed the assessee's claim for Tonnage Tax Scheme (TTS) by confirming that the company satisfied the...

Computation of deduction u/ss 80IB/80IC and 10B - AO allocated Head Office expenses to eligible units, reducing deduction. Tribunal consistently restores issue with...

The ITAT Hyderabad held that the capital asset, as defined in section 2(14) of the Act, must be held by the assessee and not connected with their business or profession....

The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal for statistical purposes in relation to the computation of capital gains arising from the transfer...

Treaty benefits - ‘gains from alienation of shares' - taxability or otherwise of capital gain from sale of equity shares under Article 13(4) of India-Mauritius DTAA -...

ITAT upheld the CIT(A)'s order, affirming the assessee's method of net accounting for reimbursement expenses. The tribunal found the assessee consistently followed a...

Quick Updates: